Swiss Re Chairman Re-elected Despite Proxy Adviser’s Concerns About Diversity

Swiss Re shareholders re-elected Sergio Ermotti as chair, the company said on Wednesday, despite a recommendation by proxy adviser Institutional Shareholder Services (ISS) to vote against him over a lack of gender diversity.

Ermotti won 79% of the vote in the election at the reinsurer’s annual general meeting, less than the 96% he won at last year’s meeting.

ISS recommended shareholders oppose the reappointment of Ermotti as a “signal of concern” over the lack of gender diversity on the reinsurer’s board.

Ermotti told shareholders in a webcast that “abilities and experience” are also important in addition to diversity and that ISS was trying to make headlines with its stance.

(Reporting by Tom Sims and Paul Arnold; editing by Riham Alkousaa and Maria Sheahan)